By Jae-Seung Shim
Concentrating on the formation of the Korean economic climate, this publication provides a desirable and finished research of financial improvement outdoors of the normal neo-classical, developmental-state and the dependency views. The e-book examines intimately the evolution of associations that contributed to fiscal development and the formation and the workings of the commercial procedure. With an emphasis at the interplay among govt, deepest associations (Chaebol and monetary associations) and the impression of Japan, it offers probably the most stimulating and special perspectives of Korean fiscal improvement so far.
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Additional info for The Korean Economic System (Asian Finance and Development)
However, the volume of primary goods, which were the major exports of Latin American countries was blocked because of the Depression so that Latin American countries could not import in return. The poor economic performance of Latin American countries resulted in an increase in unemployment, income disparity, absolute poverty and malnutrition, leading to political and economic crisis. Therefore, Latin American countries abandoned export-oriented policy and instead adopted import substitution industrialisation policy in order to overcome political and economic crises as well as to transform themselves into self-supporting economies.
Johnson (1987) maintains convincingly the role of government and the characteristic of the state in the process of rapid economic development in East Asia during the 1980s. For example, Korea’s economic success has been attained neither by comparative advantage nor by the invisible hand. Rather, he argues that it has been achieved by successful government-directed industrialisation. In Existing Explanations for Korean Economic Development 25 other words, government based on plan rationality rather than market rationality intervened in that market to achieve the targets set in the economic development plan (Johnson 1984).
This study cannot cover all the factors that affect economic development. For the purpose of clear analysis, a classification of the more predominant factors for economic development is needed. Thus, dealing with social factors such as class structure and other less tangible forms of influence such as business culture and working attitudes are beyond the scope of this study. In particular, we place importance on the analysis of the role of government and private institutions, which have comparative advantage vis-à-vis government as internal factors.
The Korean Economic System (Asian Finance and Development) by Jae-Seung Shim